How to Choose the Right Mortgage (And Not Regret It Later)

By Leanne Mollica, Mortgage Broker – My Mortgage Strategy, Salmon Arm BC

Choosing a mortgage is one of the biggest financial decisions you’ll ever make. And despite what the internet (or your cousin at Thanksgiving) might suggest, there’s no one-size-fits-all solution.

The “right mortgage” isn’t necessarily the lowest rate — it’s the one that aligns with your goals, your comfort level, and your future plans.

Here’s a clear, practical guide to help you choose the mortgage that fits you, not someone else.

Know Your Goals — And Your Comfort Level

Before you choose a product, ask yourself two key questions:

✔ Do you want predictability?

If you want stability, set payments, and peace of mind, a fixed rate is your friend.

✔ Open to some market movement for potential savings?

A variable rate might be the better fit.

It’s not about what’s “popular.” It’s about what helps you sleep at night. A good mortgage broker can run the scenarios and help you choose based on real numbers — not feelings.

Understand Your Prepayment Privileges (They Matter More Than You Think)

Prepayment flexibility is one of the most underrated features of a mortgage.

The right privileges let you:

  • Make lump-sum payments
  • Increase regular payments
  • Pay off your mortgage faster
  • Reduce your overall interest

These small moves can save you thousands. Make sure you know what your lender allows before you sign.

Choose the Right Term for Your Life — Not Just Your Loan

The classic 5-year fixed isn’t automatically the best choice.

Shorter term = more flexibility

Great if you expect to move, refinance, or make major life changes.

Longer term = more stability

Ideal if you want predictable payments for the long haul.

Your plans matter just as much as your payments.

Watch the Fine Print and Hidden Costs

There’s more to a mortgage than the interest rate.

Don’t overlook:

  • Appraisal fees
  • Legal fees
  • Title insurance
  • Closing costs
  • Payout penalties
  • Rate-differential clauses

A good broker breaks these down clearly so you’re not blindsided at the lawyer’s office.

Think Ahead: Future You Will Thank You

If there’s any chance you’ll move or refinance before your term ends, you need to ask about:

Portability

Can you transfer your mortgage to another property without penalty?

The alternative? A painful — and often expensive — payout penalty.

Don’t Be Distracted by Extras

Cash-back, skip-a-payment, and other shiny incentives can be attractive — but they can also distract from a mortgage that’s more expensive long-term.

Perks are nice.
Flexibility and savings are better.

Why Working With a DLCG Mortgage Broker Gives You More Options

As part of the Dominion Lending Centres Group (DLCG), I have access to Canada’s widest lender network — including big banks, credit unions, monoline lenders, and exclusive products you won’t find online or at a branch.

That means:

  • More choice
  • More negotiating power
  • A strategy tailored to your financial goals
  • A broker who works for you, not the lender

When you shop with one lender, you get one option.
When you work with a DLCG broker, you get the entire market behind you.

Bottom Line: Don’t Just “Get a Mortgage” — Build a Strategy

The best mortgage isn’t the cheapest-looking one today — it’s the one that still fits in five years.

If you want help choosing the product that protects your finances, aligns with your goals, and supports your long-term plans, I’m here to help.

Let’s Build Your Perfect Mortgage Strategy

📲 250-300-2008
📧 leanne@mymortgagestrategy.ca
🌐 MyMortgageStrategy.ca
📍 Serving Salmon Arm, the Shuswap, the Okanagan & all of BC

Turning Home Ownership Dreams Into Reality

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